Italy's Outlook: May 2024

08/05/2024

Italy’s Outlook: May 2024

EU intelligence, Russia is preparing acts of sabotage Intesa posts higher-than-expected Q1 profit of 2.3 bn

1. Political Outlook

The Spectator, Giorgia Meloni as Prime Minister revealed herself to be similar to a Mediterranean version of Margaret Thatcher.
Environment and Energy Security Minister Gilberto Pichetto Fratin said that the Government aims to pass the legislation to make Italy’s return to nuclear power possible by the end of the current parliamentary term.
Italy has dropped five slots to 46^th in the latest world press freedom report by Reporters Sans Frontieres with the case of press agency AGI set to be sold to Antonio Angelucci.
OECD said in its spring Economic Outlook that major effort is needed to bring down Italy’s deficit in the coming years. The deficit will narrow but remain above 3% until 2025.
FT, Russia is planning acts of sabotage across EU with a view to a state of “permanent conflict” with the West. This is the warning launched by European intelligence agencies to their respective Governments.
Axios, US has blocked an arms shipment to Israel for the first time since October 7. In February the Biden Administration asked Israel to provide guarantees that US-made weapons were used by the Israel Defense Forces in accordance with international law.
The Times of Israel, Benjamin Netanyahu said he “will not accept the demands of Hamas” and “will continue to fight until all of its objectives are achieved”. Al Jazeera, Husam Badran, a member of Hamas, underlined that the proposal under discussion in Cairo is the best presented so far.
CCTV, Chinese President Xi Jinping said that he will meet his French counterpart, Emmanuel Macron, to discuss relations between the two countries, as well as important regional and international issues during his state visit to France.

Italy’s biggest bank Intesa Sanpaolo posted higher-than-expected first–quarter profits of 2.3 billion euros, 17.6% higher than the 1.96 billion it posted in the same period last year. The 2022-2025 business plan prospects net profits of over 8 billion euros in both 2024 and 2025.
The Dow Jones Industrial Average rose 1.18% after the latest jobs report increased the prospect of a rate cut. The S&P 500 had its best day since February, up 1.26%. The Nasdaq jumped almost 2%, led by Apple, Nvidia and Advanced Micro Devices.
Il Sole 24 Ore, Minister of Business and Made in Italy Adolfo Urso talked about a law decree for 150 million euros for Acciaierie d’Italia, saying he is waiting for the EC to authorize for the bridging loan.
FT, Ukraine and the United Kingdom will implement 13 joint projects in the energy sector for 18,6 million euros under the InnovateUkraine program with the support of the British Government.
Webuild ready to rebuild a new safe and innovative cable-stayed bridge in the port of Baltimore, a fundamental hub for American logistics, for the reconstruction of the Francis Scott Key Bridge.

2. MARKET VIEW

3. SO WHAT?

According to intelligence, Russia has already begun to prepare covert attacks in EU territory. FT recalled some of the latest cases of espionage, from the arrest of two Russian-German citizens accused of planning attacks against military and logistical sites; two men accused in the UK of starting a fire in a warehouse containing aid shipments for Ukraine; Swedish security agencies’ investigations into train derailments; the statements of the Czech Transport Minister Martin Kupka according to which Russia attempted to destroy the signaling systems of railways.
Italy closed its nuclear plants in 1990 after the 1987 referendum on atomic energy following the Chernobyl disaster. However, the Government said this policy should be revised, given that nuclear energy has a low carbon footprint and there is a need to reduce greenhouse gas emissions to meet European and international targets for combating the climate crisis. Italy is also looking to boost its energy security following the war caused by Russia’s invasion of Ukraine.

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Via Pattari, 6, 20122 Milano MI

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